CPC-TruFund BIPOC Developers Equity Fund
CPC-TruFund BIPOC Developers Equity Fund (“DEF”) is a jointly funded initiative launched by Community Preservation Corporation (CPC) and Trufund Financial Services, Inc. aimed at providing BIPOC real estate developers operating and residing within NY State with up to $1 million to aid in predevelopment/acquisition and working capital (organizational capacity) needs.
Terms and Conditions
- Location: Developers that operate and reside in New York State
- Community Focus: Must be aimed at meeting the needs of low-moderate income communities and residents
- Amount: Working capital up to $500,000 and Predevelopment capital up to $750,000 with a total of up to $1,000,000
- Structure: Preferred Equity
- Term: Working Capital: 6 to 36 months; Predevelopment Capital: 3 to 24 months
Eligibility
- Affordable Housing Experience: Minimum of three years of affordable housing experience
- Prior Development Experience: Minimum of three prior independently- completed (as owner of development company) housing developments (preservation or new construction)
- Cash Flow: Existing and/or projected cash flow must be sufficient for fund request
- Emerging Developer: No more than 1,000 units developed independently
